Anchor Bancorp (ANCB) in Lacey, Wash., will increase its fiscal-year fourth-quarter loan-loss provision by $1.1 million, leading to an expected loss for the period.
Anchor said late Friday that the added provision was created after the $488 million-asset company received updated information on a commercial and industrial loan. The new provision totaled $1.4 million for the quarter that ended June 30.
This increase is expected to result in a quarterly loss of $325,000 to $525,000, Anchor said.
In April, Anchor reported fiscal third-quarter earnings of $223,000, compared with a $3.4 million loss a year earlier. Its provision in the third quarter fell almost 92% from a year earlier, to $300,000.